Dev Secs cuts half-year losses

DEVELOPMENT Securities yesterday said it has reduced its half year loss to £0.7m from £1.3m the same time last year and said it was optimistic about its strategy of realising gains from its property portfolio.

The developer said it had generated returns of £11.9m in the six months to 31 August from disposal of assets such as the Wick Site in Littlehampton, which was sold to Morrisons for £12.5m, realising £2.4m of profit.

“It is pleasing to see the results of our strategy gain momentum through profitable disposals and trading gains and we look forward to delivering strong returns in the coming years,” chief executive Michael Marx said.

In the year to date, it has completed four acquisitions totalling £161.1m.

Net asset value dropped by 2.2 per cent in the first half to £304m, dragged down by a drop in the overall value of its investment portfolio of £4.4m to £231m.